Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Over the past year or so there has been a marked shift in attitudes to energy policies across the world, as many populations and governments increasingly question aspects of some initial net-zero policies and acknowledge the need for reliable and affordable energy access alongside reductions in emissions. Against this backdrop, …

Some of the world’s largest national oil companies (NOCs) have improved significantly their resilience to oil price slumps in the near future thanks to huge cash flows and profits in the past two years. But many of those companies face challenges in sustainability and ESG metrics due to governance issues, …

Oil prices rose on Tuesday, recovering some of the previous day’s losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions. Brent crude futures climbed 57 cents, or 0.6 per cent, to $90.40 a barrel by 0321 …

Iran produced 3.058 million barrels per day (bpd) of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report. Based on secondary sources, Iran produced 3.043 million bpd of crude oil in August. The Islamic Republic’s average crude output for the …

Oil prices rose on Friday as investors fretted about worsening supply shortages for the remainder of the year. International benchmark crude Brent traded at $87.97 per barrel at 11.05 a.m. local time (0805 GMT), a 2.29% gain from the closing price of $86 a barrel in the previous trading session …

Russian President Vladimir Putin told an energy conference in Moscow on Wednesday that Russia and Saudi Arabia would “most likely” extend output cuts into 2024 and warned that clashes in the Middle East could impact oil exports with higher shipping and insurance costs. “I am sure that the coordination of …

Russian Deputy Prime Minister Alexander Novak said that Russia and Saudi Arabia will discuss the oil market situation and oil prices later on Wednesday, news agencies reported, as the Israel-Palestinian conflict rages on. Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman is due to take part in an energy …

Climate action to reach net zero undermines investment in the oil sector and jeopardises global energy security, warned OPEC. General secretary Haitham al-Ghais took aim at forecasters predicting a drop-off in oil demand this decade, with the cartel engaged in a protracted war of words with the International Energy Agency …

The past couple of UN Climate Change Conferences have featured a growing number of fossil fuel lobbyists who almost inevitably end up clashing with climate activists and environmentalists over the role and fate of the fossil fuel industry in the global energy transition. For instance, more than 600 delegates affiliated …

OPEC has raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb 16% over the next two decades to reach 116m barrels a day in 2045, about 6m a …